GCV vs. NCZ

Last updated Jun 23, 2026

GCV (The Gabelli Convertible and Income Securities Fund Inc) and NCZ (Virtus Convertible and Income Fund II) are both Convertible Bonds funds. Over the past 10 years, GCV returned 10.38%/yr vs 9.31%/yr for NCZ. At a 0.33 correlation, their price movements are largely independent. GCV charges 0.01%/yr vs 0.03%/yr for NCZ.

Performance

GCV vs. NCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Gabelli Convertible and Income Securities Fund Inc (GCV) and Virtus Convertible and Income Fund II (NCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCV achieves a 17.24% return, which is significantly lower than NCZ's 21.29% return. Over the past 10 years, GCV has outperformed NCZ with an annualized return of 10.38%, while NCZ has yielded a comparatively lower 9.31% annualized return.

GCV

• 1D: 0.22%
• 1M: 3.77%
• YTD: 17.24%
• 6M: 15.84%
• 1Y: 34.87%
• 3Y*: 14.66%
• 5Y*: 3.96%
• 10Y*: 10.38%

NCZ

• 1D: 0.06%
• 1M: 3.64%
• YTD: 21.29%
• 6M: 19.13%
• 1Y: 43.80%
• 3Y*: 23.39%
• 5Y*: 5.95%
• 10Y*: 9.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GCV vs. NCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCV The Gabelli Convertible and Income Securities Fund Inc	17.24%	22.86%	19.93%	-15.58%	-23.95%	19.99%	16.97%	45.72%	-19.03%	37.30%
NCZ Virtus Convertible and Income Fund II	21.29%	23.23%	18.40%	17.75%	-35.93%	9.24%	11.04%	27.19%	-18.66%	24.89%

Correlation

The correlation between GCV and NCZ is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 29, 2003	0.33

The correlation between GCV and NCZ shifts across timeframes, from 0.33 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GCV vs. NCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCV

GCV Risk / Return Rank: 77
GCV Sharpe Ratio Rank: 71
GCV Sortino Ratio Rank: 67
GCV Omega Ratio Rank: 61
GCV Calmar Ratio Rank: 94
GCV Martin Ratio Rank: 92

NCZ

NCZ Risk / Return Rank: 83
NCZ Sharpe Ratio Rank: 88
NCZ Sortino Ratio Rank: 80
NCZ Omega Ratio Rank: 77
NCZ Calmar Ratio Rank: 83
NCZ Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GCV vs. NCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Gabelli Convertible and Income Securities Fund Inc (GCV) and Virtus Convertible and Income Fund II (NCZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GCV	NCZ	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.65	-0.40
Sortino ratio: Return per unit of downside risk	3.09	3.46	-0.37
Omega ratio: Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio: Return relative to maximum drawdown	4.94	3.69	+1.25
Martin ratio: Return relative to average drawdown	17.64	16.25	+1.39

GCV vs. NCZ - Sharpe Ratio Comparison

The current GCV Sharpe Ratio is 2.25, which is comparable to the NCZ Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of GCV and NCZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GCV vs. NCZ - Drawdown Comparison

The maximum GCV drawdown since its inception was -55.67%, smaller than the maximum NCZ drawdown of -79.48%. Use the drawdown chart below to compare losses from any high point for GCV and NCZ.

Drawdown Indicators

	GCV	NCZ	Difference
Max Drawdown Largest peak-to-trough decline	-55.67%	-79.48%	+23.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-11.94%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.98%	-19.54%	-5.44%
Max Drawdown (5Y) Largest decline over 5 years	-45.90%	-43.93%	-1.97%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-56.08%	+10.18%
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-12.54%	-14.32%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.70%	-0.72%

Volatility

GCV vs. NCZ - Volatility Comparison

The current volatility for The Gabelli Convertible and Income Securities Fund Inc (GCV) is 4.61%, while Virtus Convertible and Income Fund II (NCZ) has a volatility of 5.01%. This indicates that GCV experiences smaller price fluctuations and is considered to be less risky than NCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCV	NCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	5.01%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	13.05%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	16.61%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.14%	21.37%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	24.28%	-0.75%

GCV vs. NCZ - Expense Ratio Comparison

GCV has a 0.01% expense ratio, which is lower than NCZ's 0.03% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GCV vs. NCZ - Dividend Comparison

GCV's dividend yield for the trailing twelve months is around 10.41%, more than NCZ's 9.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCV The Gabelli Convertible and Income Securities Fund Inc	10.41%	11.57%	12.60%	13.33%	10.00%	8.14%	7.68%	8.21%	10.93%	8.14%	8.72%	10.04%
NCZ Virtus Convertible and Income Fund II	9.05%	10.45%	11.50%	12.84%	15.62%	8.82%	9.28%	11.28%	15.33%	13.80%	12.08%	18.02%

Frequently Asked Questions

Can I hold both GCV and NCZ in my portfolio?

GCV and NCZ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCV or NCZ?

NCZ has higher volatility (5.01%) compared to GCV (4.61%). In terms of maximum drawdown, GCV dropped -55.67% vs NCZ's -79.48%.

Which has better risk-adjusted returns?

NCZ currently has the higher Sharpe Ratio (2.65 vs 2.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.